City of Madison - File #: 03543

• File #: 03543
• Version: 4
• Name: AMENDED SUBSTITUTE - Authorizing a development agreement to fund a $3,000,000 TIF Loan to University Square, LLC to assist in the develop. the University Sq. retail/commercial redevelopment proj to be located in a proposed boundary amendment to TID #32.
• Type: Resolution
• Status: Passed
• File created: 4/25/2006
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 5/16/2006
• Final action: 5/16/2006
• Enactment date: 5/19/2006
• Enactment #: RES-06-00471
• Title: AMENDED SUBSTITUTE - Authorizing the Mayor and City Clerk to execute a development agreement to fund a $3,000,000 Tax Incremental Finance Loan to University Square, LLC and its assigns to assist in the development of the University Square retail/commercial redevelopment project located on Lake Street between Johnson Street and University Avenue to be located in a proposed boundary amendment to TID #32 (Upper State Street).
• Sponsors: David J. Cieslewicz, Austin W. King

Date	Ver.	Action By	Action	Result
5/16/2006	4	COMMON COUNCIL	Adopt With Amendment(s)	Pass
5/15/2006	3	Community and Economic Development Unit	Fiscal Note Required / Approval
5/15/2006	3	Finance Dept/Approval Group	Approved Fiscal Note By The Comptroller's Office (SUBSTITUTES)
5/8/2006	2	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
5/3/2006		COMMON COUNCIL	Refer
5/3/2006	2	Finance Dept/Approval Group	Approved Fiscal Note By The Comptroller's Office (AFTER CC INTRO)
5/2/2006	1	COMMON COUNCIL	Refer
5/2/2006	2	BOARD OF ESTIMATES (ended 4/2017)	Fiscal Note Required / Approval
4/26/2006	1	Finance Dept/Approval Group	Fiscal Note Pending
4/26/2006	1	Community and Economic Development Unit	Referred for Introduction
4/25/2006	1	Community and Economic Development Unit	Fiscal Note Required / Approval

Fiscal Note
This resolution would authorize a $3,000,000 TIF loan, payable in 2008 2007, to University Square, LLC for the construction of a project located on Lake Street and bounded by University Avenue and Johnson Street. It is expected that this loan would be repaid through incremental taxes generated from the project and represents approximately 47% of all incremental taxes anticipated from the project through the remaining 27 year life of TIF District #32.

The proposed project is not located within the current boundaries of the TIF district. An amendment to the current district boundary to incorporate this property must be approved by the Common Council, the Joint Review Board and the State Department of Revenue before project costs would be eligible for TIF reimbursement. Therefore, the proposed resolution provides that no City loan disbursement would occur prior to DOR certification of the amended district boundary.

Based on the proposed agreement, the City would disburse the $3,000,000 loan to the developer during 2008 2007, and the loan is contingent upon the Council's authorization of funding in the 2008 2007 budget. It is likely that the City would finance this payment with general obligation debt authorized in that year's capital budget. Therefore, this resolution has no impact on the current year budget.
Title
AMENDED SUBSTITUTE - Authorizing the Mayor and City Clerk to execute a development agreement to fund a $3,000,000 Tax Incremental Finance Loan to University Square, LLC and its assigns to assist in the development of the University Square retail/commercial redevelopment project located on Lake Street between Johnson Street and University Avenue to be located in a proposed boundary amendment to TID #32 (Upper State Street).
Body
WHEREAS, the City of Madison has, by adoption on July 1, 2003 of Resolution Number 60,678, ID Number 33,974, created the boundary and project plan for Tax Incremental District (TID) #32; and

WHEREA...